Kashkari Warns of Persistent Inflation Across US Economy

Minneapolis Federal Reserve President Neel Kashkari said inflation is too high across all sectors of the US economy, not just in rising oil prices. He made this statement during a Fox News interview on Sunday, September 20.

Kashkari supported the unanimous vote to raise interest rates by a quarter percentage point to 3.75%-4.00% last week. This decision was met with a dissenting opinion from some Fed policymakers who opted for a hike at their prior meeting when the majority chose to leave rates unchanged.

Kashkari emphasized that the inflation rate in the US is still above target, and it's not just about oil prices. He stated that even if energy and food are stripped out, inflation remains too high. The Federal Reserve's job is to bring down inflation to 2%, he said.